Move house with the Santander Bridging Mortgage and get financing to purchase your new home while you sell your old one

Bridging Mortgage: a loan for moving house

Purchase your new home while selling your current one with the Santander Bank Bridging Mortgage¹.

Up to 100% of the purchase price

Acquire your new home while you sell the previous one with the Hipoteca Cambia de casa and get financing for up to 100% of the purchase price.

To acquire your new home.

Purchase of a residential home: The maximum amount of the loan may reach 100% of the purchase-sale price of the new residential home, not including expenses or taxes. The maximum term for the operation will be 30 years (the term of the mortgage plus the age of the holder upon signing may not exceed 80 years).
The customer will be able to enjoy a grace period on repaying the capital of up to 12 months, during which he can sell his current home.
This mortgage can be requested at both a fixed and variable rate.
Compensation or commission for reimbursement or total or partial early amortization:

Variable Rate: one of the following conditions will be agreed:

0.25% of the capital repaid in advance when the partial or total repayment occurs during the first three years of the life of the loan,

0.15% when the partial or total repayment occurs during the first five years of the life of the loan.

In no case may the compensation exceed the amount of the financial loss² that the Bank could suffer.

Fixed Rate: compensation will consist of:

2% of the principal repaid in advance when the partial or total repayment occurs during the first ten years of the life of the loan, and

1.5% of the principal repaid early when repayment occurs at a later date.

In no case may the compensation exceed the amount of the financial loss³ that the Bank could suffer.

1. Home mortgage loan. Lender: Banco Santander, S.A with registered office at Santander, Paseo de Pereda, 9- 12 (39004) – Cantabria Mercantile Registry, Sheet 286, Folio 64, Companies Book 5, entry 1, Corporate tax ID A-39000013.
Financing subject to Banco Santander's approval. For housing free of fees and charges.
This information does not replace the Pre-contract information document available on the website www.bancosantander.es and at the Bank's branches. You can go to your branch to request the European Standardised Information Sheet (ESIS). In case of going ahead with the proposal, the rest of the mandatory pre-contractual documentation will be delivered.
Your home is at risk should you fail to comply with the commitments derived from the mortgage backed loan agreement. In the event of non-payment and in all cases of early repayment, the Bank may start proceedings against you by action in person, or by action in rem against the mortgaged property, since you will be legally liable to the Bank for the payment of the loan in relation to all your present and future assets, not just the mortgaged property. In accordance with article 105 of the Mortgage Act and article 1911 of the Civil Code.
If the mortgage refers to properties for residential use, pursuant to Law 5/2019 of 15 March regulating real estate credit, the mortgage establishment costs will be borne by Banco Santander in contracts with natural persons, excluding appraisal and simple filing costs, to be borne by the customer.
If the home mortgage loan on the house was formalised in the territory of the Community of Andalusia click here (PDF 148 KB).

2. The financial loss suffered by the Bank will be calculated proportionally to the capital repaid, by the negative difference between the capital pending at the time of the early repayment and the current market value of the loan. The current market value of the loan will be calculated as the sum of the current value of the repayments outstanding until the next revision of the interest rate or until the date of maturity and the current value of the outstanding capital that would remain at the time of the revision were the early cancellation not to occur. The updated interest rate will be the result of adding: (i) the Interest Rate Swap (IRS) rate with a term of 2, 3, 4, 5, 7, 10, 15, 20 or 30 years which will be published by the Bank of Spain and which is closest to the term remaining from the date of early repayment until the interest rate revision date or until the maturity date and (ii) a differential calculated by subtracting the value of the Interest Rate Swap (IRS) referred to in the previous section from the interest rate of the transaction, using the latest data published by Bank of Spain on the date closest to the date on which the loan is arranged.

3. The financial loss suffered by the bank will be calculated, in proportion to the capital repaid, by negative difference between the capital payable at the time of early repayment and the present market value of the loan.
The present market value of the loan will be calculated as the sum of the present value of the instalments that remain payable up to its due date. The updated interest rate will be the sum of: (i) the interest rate swap (IRS) rate for terms of 2, 3, 4, 5, 7, 10, 15, 20 or 30 years, published by the Bank of Spain, that is closest to the remaining term from the date of early repayment up to its due date and (ii) a spread resulting from subtracting the value of the Interest Rate Swap (IRS) referred to in the previous section from the interest rate of the transaction, using the latest data published by the Bank of Spain on the date closest to that on which the loan is arranged.

Shall we discuss it?

If you would like more information, visit any of our branch offices.

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